2 unchanged sentences
(In thousands, except share and per share amounts)
−Removed: December 29, 2024
+Added: March 30, 2025
June 30, 2024
23 unchanged sentences
18,359,591 and 18,251,545
−Removed: shares issued and outstanding as of December 29, 2024 and June 30, 2024, respectively)
+Added: shares issued and outstanding as of March 30, 2025 and June 30, 2024, respectively)
Capital in excess of par value
7 unchanged sentences
For the Three Months Ended
−Removed: For the Six Months Ended
−Removed: December 29, 2024
−Removed: December 31, 2023
−Removed: December 29, 2024
−Removed: December 31, 2023
+Added: For the Nine Months Ended
+Added: March 30, 2025
+Added: March 31, 2024
+Added: March 30, 2025
+Added: March 31, 2024
Cost of sales
+Added: Gross (loss) profit
Selling, general and administrative expenses
2 unchanged sentences
Restructuring costs
−Removed: Other operating (income) expense, net
+Added: Other operating expense, net
Operating loss
1 unchanged sentence
Interest expense
−Removed: Equity in loss (earnings) of unconsolidated affiliates
+Added: Equity in loss of unconsolidated affiliates
Loss before income taxes
−Removed: Provision (benefit) for income taxes
+Added: Provision for income taxes
Net loss per common share:
1 unchanged sentence
For the Three Months Ended
−Removed: For the Six Months Ended
−Removed: December 29, 2024
−Removed: December 31, 2023
−Removed: December 29, 2024
−Removed: December 31, 2023
−Removed: Other comprehensive (loss) income:
+Added: For the Nine Months Ended
+Added: March 30, 2025
+Added: March 31, 2024
+Added: March 30, 2025
+Added: March 31, 2024
+Added: Other comprehensive income (loss):
Foreign currency translation adjustments
−Removed: Other comprehensive (loss) income, net
+Added: Other comprehensive income (loss), net
Comprehensive loss
6 unchanged sentences
Total Shareholders’ Equity
−Removed: Balance at September 29, 2024
+Added: Balance at December 29, 2024
Options exercised
2 unchanged sentences
Common stock withheld in satisfaction of tax withholding obligations under net share settle transactions
−Removed: Other comprehensive loss, net of tax
−Removed: Balance at December 29, 2024
+Added: Other comprehensive income, net of tax
+Added: Balance at March 30, 2025
Capital in Excess of Par Value
8 unchanged sentences
Other comprehensive loss, net of tax
−Removed: Balance at December 29, 2024
+Added: Balance at March 30, 2025
Capital in Excess of Par Value
2 unchanged sentences
Total Shareholders’ Equity
−Removed: Balance at October 1, 2023
+Added: Balance at December 31, 2023
Options exercised
2 unchanged sentences
Common stock withheld in satisfaction of tax withholding obligations under net share settle transactions
−Removed: Other comprehensive income, net of tax
−Removed: Balance at December 31, 2023
+Added: Other comprehensive loss, net of tax
+Added: Balance at March 31, 2024
Capital in Excess of Par Value
8 unchanged sentences
Other comprehensive loss, net of tax
−Removed: Balance at December 31, 2023
+Added: Balance at March 31, 2024
See accompanying notes to condensed consolidated financial statements.
1 unchanged sentence
(In thousands)
−Removed: For the Six Months Ended
−Removed: December 29, 2024
−Removed: December 31, 2023
+Added: For the Nine Months Ended
+Added: March 30, 2025
+Added: March 31, 2024
Cash and cash equivalents at beginning of period
1 unchanged sentence
Adjustments to reconcile net loss to net cash (used) provided by operating activities:
−Removed: Equity in loss (earnings) of unconsolidated affiliates
+Added: Equity in loss of unconsolidated affiliates
+Added: Distribution received from unconsolidated affiliate
Depreciation and amortization expense
40 unchanged sentences
All amounts, except per share amounts, are presented in thousands (000s), except as otherwise noted.
−Removed: The fiscal quarter for each of Unifi, Inc., its primary domestic operating subsidiaries and its subsidiary in El Salvador ended on December 29, 2024.
−Removed: Unifi, Inc.’s remaining material operating subsidiaries’ fiscal quarter ended on December 31, 2024.
−Removed: There were no significant transactions or events that occurred between Unifi, Inc.’s fiscal quarter end and such wholly owned subsidiaries’ fiscal quarter end.
−Removed: The three-month periods ended December 29, 2024 and December 31, 2023 both consisted of 13 weeks.
−Removed: The six-month periods ended December 29, 2024 and December 31, 2023 both consisted of 26 weeks.
+Added: The fiscal quarter for each of Unifi, Inc., its primary domestic operating subsidiaries and its subsidiary in El Salvador ended on March 30, 2025.
+Added: Unifi, Inc.’s remaining material operating subsidiaries’ fiscal quarters ended on March 31, 2025.
+Added: There were no significant transactions or events that occurred between Unifi, Inc.’s fiscal quarter end and such wholly owned subsidiaries’ fiscal quarters end.
+Added: The three-month periods ended March 30, 2025 and March 31, 2024 both consisted of 13 weeks.
+Added: The nine-month periods ended March 30, 2025 and March 31, 2024 both consisted of 39 weeks.
Recent Accounting Pronouncements
Issued and Pending Adoption
−Removed: In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No.
−Removed: 2023-09, Income Taxes (Topic 740):
−Removed: Improvements to Income Tax Disclosures .
−Removed: 2023-09 modifies the rules on income tax disclosures to require entities to disclose (i) specific categories in the rate reconciliation, (ii) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (iii) income tax expense or benefit from continuing operations (separated by federal, state, and foreign).
−Removed: The ASU also requires entities to disclose their income tax payments to international, federal, state, and local jurisdictions, among other changes.
−Removed: The ASU is effective for UNIFI's fiscal 2026, with early adoption permitted, and should be applied on a prospective basis, but retrospective application is permitted.
−Removed: UNIFI is currently evaluating the impact on the Company’s disclosures but does not expect this standard will have a material impact on its consolidated financial position, results of operations, or cash flows.
In November 2023, the FASB issued ASU No.
4 unchanged sentences
UNIFI has not adopted this standard.
+Added: UNIFI is currently evaluating the impact on the Company’s disclosure but does not expect this standard will have a material impact on its consolidated financial statements.
+Added: In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No.
+Added: 2023-09, Income Taxes (Topic 740):
+Added: Improvements to Income Tax Disclosures .
+Added: 2023-09 modifies the rules on income tax disclosures to require entities to disclose (i) specific categories in the rate reconciliation, (ii) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (iii) income tax expense or benefit from continuing operations (separated by federal, state, and foreign).
+Added: The ASU also requires entities to disclose their income tax payments to international, federal, state, and local jurisdictions, among other changes.
+Added: The ASU is effective for UNIFI's fiscal 2026, with early adoption permitted, and should be applied on a prospective basis, but retrospective application is permitted.
UNIFI is currently evaluating the impact on the Company’s disclosures but does not expect this standard will have a material impact on its consolidated financial position, results of operations, or cash flows.
+Added: In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):
+Added: Disaggregation of Income Statement Expenses .
+Added: 2024-03 does not change or remove existing expense disclosure requirement but requires disaggregated disclosures about certain expense categories and captions, including but not limited to, purchases of inventory, employee compensation, depreciation, amortization and selling expenses.
+Added: This ASU will become effective for UNIFI's fiscal 2028 and in the first quarter of fiscal 2029 for interim reporting, with retrospective application permitted.
+Added: UNIFI is currently evaluating the impact on the Company's disclosures on its consolidated financial statements.
Based on UNIFI’s review of ASUs issued since the filing of the 2024 Form 10-K, there have been no other newly issued or newly applicable accounting pronouncements that have had, or are expected to have, a material impact on UNIFI’s consolidated financial statements.
3 unchanged sentences
For the Three Months Ended
−Removed: For the Six Months Ended
−Removed: December 29, 2024
−Removed: December 31, 2023
−Removed: December 29, 2024
−Removed: December 31, 2023
+Added: For the Nine Months Ended
+Added: March 30, 2025
+Added: March 31, 2024
+Added: March 30, 2025
+Added: March 31, 2024
Third-party manufacturer
For the Three Months Ended
−Removed: For the Six Months Ended
−Removed: December 29, 2024
−Removed: December 31, 2023
−Removed: December 29, 2024
−Removed: December 31, 2023
+Added: For the Nine Months Ended
+Added: March 30, 2025
+Added: March 31, 2024
+Added: March 30, 2025
+Added: March 31, 2024
REPREVE ® Fiber
20 unchanged sentences
Maturity Date
−Removed: December 29, 2024
−Removed: December 29, 2024
+Added: March 30, 2025
+Added: March 30, 2025
June 30, 2024
+Added: 2024 Facility
ABL Term Loan
4 unchanged sentences
Total long-term debt
−Removed: (1) Scheduled maturity dates for finance lease obligations range from Marc h 2025 to September 2028 .
+Added: (1) Scheduled maturity dates for finance lease obligations range from June 2025 to September 2028 .
Notes to Condensed Consolidated Financial Statements (Continued)
14 unchanged sentences
The 2024 Facility contains no additional financial covenants beyond those already in effect for the 2022 Credit Agreement and is subject to a monthly unused line fee of 0.25 % on available borrowing capacity.
−Removed: As of December 29, 2024, no amounts had been borrowed against the 2024 Facility.
On January 2, 2025, UNIFI borrowed $ 22,000 against the 2024 Facility and used the proceeds to reduce the outstanding ABL Revolver balance.
There was no impact to debt principal from these transactions.
−Removed: The provision (benefit) for income taxes and effective tax rate were as follows:
+Added: On April 10, 2025, UNIFI entered into a Second Amendment to the 2022 Credit Agreement (the “Second Amendment”).
+Added: The Second Amendment primarily (i) permits the Company to enter into the purchase agreement related to, and consummate the sale of, the Madison, North Carolina property, (ii) permits the Company to allocate a portion of the net proceeds from the sale to repay outstanding revolving loans under the 2022 Credit Agreement, after the application of the greater of $ 25,000 or 50 % of such net proceeds toward outstanding term loans, and (iii) requires the consent of all lenders, rather than the Required Lenders (as defined in the 2022 Credit Agreement), in order to reset the maximum amount of the term loans available under the 2022 Credit Agreement.
+Added: The provision for income taxes and effective tax rate were as follows:
For the Three Months Ended
−Removed: For the Six Months Ended
−Removed: December 29, 2024
−Removed: December 31, 2023
−Removed: December 29, 2024
−Removed: December 31, 2023
−Removed: Provision (benefit) for income taxes
+Added: For the Nine Months Ended
+Added: March 30, 2025
+Added: March 31, 2024
+Added: March 30, 2025
+Added: March 31, 2024
+Added: Provision for income taxes
Effective tax rate
Income Tax Expense
−Removed: UNIFI’s provision (benefit) for income taxes for the six months ended December 29, 2024 and December 31, 2023 was calculated by applying the estimated annual effective tax rate to year-to-date pre-tax book income and adjusting for discrete items that occurred during the period.
−Removed: The effective tax rate for the three and six months ended December 29, 2024 and December 31, 2023 varied from the U.S.
+Added: UNIFI’s provision for income taxes for the nine months ended March 30, 2025 and March 31, 2024 was calculated by applying the estimated annual effective tax rate to year-to-date pre-tax book income and adjusting for discrete items that occurred during the period.
+Added: The effective tax rate for the three and nine months ended March 30, 2025 and March 31, 2024 varied from the U.S.
federal statutory rate primarily due to the U.S.
generated losses for which UNIFI does not expect to realize a future tax benefit.
−Removed: During the six months ended December 31, 2023, the Internal Revenue Service (the “IRS”) audit of fiscal years 2014 through 2019 was concluded with a net refund of $ 1,275 , which has been received along with $ 457 of interest on overpayments.
+Added: During the nine months ended March 31, 2024, the Internal Revenue Service (the “IRS”) audit of fiscal years 2014 through 2019 was concluded with a net refund of $ 1,275 , which has been received along with $ 457 of interest on overpayments.
The impact from the audit adjustments to the prior periods was insignificant.
2 unchanged sentences
Certain returns that remain open to examination have utilized carryforward tax attributes generated in prior tax years, including net operating losses, which could potentially be revised upon examination.
−Removed: Following the conclusion of the IRS audit during the period ended December 31, 2023, UNIFI adjusted the uncertain tax positions for fiscal years 2014 through 2019 that were effectively settled.
+Added: Following the conclusion of the IRS audit during the period ended March 31, 2024, UNIFI adjusted the uncertain tax positions for fiscal years 2014 through 2019 that were effectively settled.
The impact from releasing the netted uncertain tax position liabilities was insignificant.
−Removed: During the three months ended December 31, 2023, UNIFI released $ 853 accrued for interest and penalties after receiving the final assessment from the IRS.
+Added: During the nine months ended March 31, 2024, UNIFI released $ 853 accrued for interest and penalties after receiving the final assessment from the IRS.
Shareholders’ Equity
10 unchanged sentences
however, awards outstanding under a respective prior plan remain subject to that plan’s provisions.
−Removed: The following table provides information as of December 29, 2024 with respect to the number of securities remaining available for future issuance under the 2020 Plan, as amended:
+Added: The following table provides information as of March 30, 2025 with respect to the number of securities remaining available for future issuance under the 2020 Plan, as amended:
Authorized under the 2020 Plan
7 unchanged sentences
For the Three Months Ended
−Removed: For the Six Months Ended
−Removed: December 29, 2024
−Removed: December 31, 2023
−Removed: December 29, 2024
−Removed: December 31, 2023
+Added: For the Nine Months Ended
+Added: March 30, 2025
+Added: March 31, 2024
+Added: March 30, 2025
+Added: March 31, 2024
Basic weighted average shares
12 unchanged sentences
Related party balances and transactions are not material to the condensed consolidated financial statements and, accordingly, are not presented separately from other financial statement captions.
−Removed: There were no related party receivables as of December 29, 2024 and June 30, 2024.
+Added: There were no related party receivables as of March 30, 2025 and June 30, 2024.
Related party payables for Salem Leasing Corporation consisted of the following:
−Removed: December 29, 2024
+Added: March 30, 2025
June 30, 2024
5 unchanged sentences
For the Three Months Ended
−Removed: For the Six Months Ended
+Added: For the Nine Months Ended
Affiliated Entity
Transaction Type
−Removed: December 29, 2024
−Removed: December 31, 2023
−Removed: December 29, 2024
−Removed: December 31, 2023
+Added: March 30, 2025
+Added: March 31, 2024
+Added: March 30, 2025
+Added: March 31, 2024
Salem Leasing Corporation
Payments for transportation equipment costs and finance lease debt service
−Removed: As discussed in Note 5, "Long-Term Debt", UNIFI entered into the 2024 Facility in October 2024.
−Removed: There were no borrowings on the 2024 Facility during the three-month period ended December 29, 2024.
Notes to Condensed Consolidated Financial Statements (Continued)
+Added: As discussed in Note 5, "Long-Term Debt", UNIFI entered into the 2024 Facility in October 2024 which was collateralized by personal assets of a board member.
+Added: During the three-month period ended March 30, 2025, UNIFI borrowed $ 22,000 on the 2024 Facility and used the proceeds to reduce the outstanding ABL Revolver balance .
Business Segment Information
9 unchanged sentences
The Asia Segment primarily sources synthetic and recycled textile products from third-party suppliers and sells to yarn manufacturers, knitters, and weavers that produce fabric for the apparel, automotive, home furnishings, industrial, and other end-use markets principally in Asia and Europe.
−Removed: The Asia Segment includes sales offices in China, Turkey, and Hong Kong.
+Added: The Asia Segment includes sales offices in China, Turkey, Hong Kong, and India.
UNIFI evaluates the operating performance of its segments based upon Segment (Loss) Profit, which represents segment gross (loss) profit plus segment depreciation expense.
3 unchanged sentences
Selected financial information is presented below:
−Removed: For the Three Months Ended December 29, 2024
+Added: For the Three Months Ended March 30, 2025
Cost of sales
2 unchanged sentences
Segment (Loss) Profit
−Removed: For the Three Months Ended December 31, 2023
+Added: For the Three Months Ended March 31, 2024
Cost of sales
1 unchanged sentence
Segment depreciation expense
−Removed: Segment (Loss) Profit
−Removed: For the Six Months Ended December 29, 2024
+Added: Segment Profit
+Added: For the Nine Months Ended March 30, 2025
Cost of sales
2 unchanged sentences
Segment Profit
−Removed: For the Six Months Ended December 31, 2023
+Added: For the Nine Months Ended March 31, 2024
Cost of sales
5 unchanged sentences
For the Three Months Ended
−Removed: For the Six Months Ended
−Removed: December 29, 2024
−Removed: December 31, 2023
−Removed: December 29, 2024
−Removed: December 31, 2023
−Removed: Segment gross profit
+Added: For the Nine Months Ended
+Added: March 30, 2025
+Added: March 31, 2024
+Added: March 30, 2025
+Added: March 31, 2024
+Added: Segment gross (loss) profit
Selling, general and administrative expenses
2 unchanged sentences
Restructuring costs
−Removed: Other operating (income) expense, net
+Added: Other operating expense, net
Operating loss
1 unchanged sentence
Interest expense
−Removed: Equity in loss (earnings) of unconsolidated affiliates
+Added: Equity in loss of unconsolidated affiliates
Loss before income taxes
8 unchanged sentences
For the Three Months Ended
−Removed: For the Six Months Ended
−Removed: December 29, 2024
−Removed: December 31, 2023
−Removed: December 29, 2024
−Removed: December 31, 2023
−Removed: As of December 29, 2024, UNIFI’s open purchase orders related to this supply agreement, all with UNFA, w ere $ 624 .
−Removed: As of December 29, 2024 and June 30, 2024, UNIFI had accounts payable due to U NFA of $ 1,210 and $ 2,197 .
+Added: For the Nine Months Ended
+Added: March 30, 2025
+Added: March 31, 2024
+Added: March 30, 2025
+Added: March 31, 2024
+Added: As of March 30, 2025, UNIFI’s open purchase orders related to this supply agreement, all with UNFA, w ere $ 922 .
+Added: As of March 30, 2025 and June 30, 2024, UNIFI had accounts payable due t o UNFA of $ 2,380 and $ 2,197 , respectively.
Other than the supply agreement discussed above, UNIFI does not provide any other commitments or guarantees related to UNFA.
−Removed: As of December 29, 2024 and June 30, 2024, UNIFI’s investment in UNFA was $ 1,478 and $ 1,603 , respectively.
+Added: As of March 30, 2025 and June 30, 2024, UNIFI’s investment in UNFA was $ 1,161 and $ 1,603 , respectively.
There have been no significant changes in the condensed balance sheet and income statement information for UNFA as previously disclosed in the 2024 Form 10-K.
1 unchanged sentence
Cash payments for interest and taxes consist of the following:
−Removed: For the Six Months Ended
−Removed: December 29, 2024
−Removed: December 31, 2023
+Added: For the Nine Months Ended
+Added: March 30, 2025
+Added: March 31, 2024
Interest, net of capitalized interest of $ 115 and $ 153 , respectively
3 unchanged sentences
Non-Cash Investing and Financing Activities
−Removed: As of December 29, 2024 and June 30, 2024, $ 702 and $ 879 , respectively, were included in accounts payable for unpaid capital expenditures.
−Removed: As of December 31, 2023 and July 2, 2023, $ 621 and $ 1,137 , respectively, were included in accounts payable for unpaid capital expenditures.
−Removed: During the six months ended December 29, 2024 and December 31, 2023, UNIFI recorded non-cash activity relating to finance lease s of $ 0 a nd $ 1,633 , respectively.
+Added: As of March 30, 2025 and June 30, 2024, $ 524 and $ 879 , respectively, were included in accounts payable for unpaid capital expenditures.
+Added: As of March 31, 2024 and July 2, 2023, $ 201 and $ 1,137 , respectively, were included in accounts payable for unpaid capital expenditures.
+Added: During the nine-months ended March 30, 2025 and March 31, 2024, UNIFI recorded non-cash activity relating to finance lease s of $ 0 a nd $ 1,633 , respectively.
Notes to Condensed Consolidated Financial Statements (Continued)
+Added: Restructuring Costs
+Added: On February 3, 2025, UNIFI announced the pending closure of a facility in Madison, North Carolina, and a plan to transition the associated manufacturing operations to other production facilities in North and Central America, and began immediately marketing the property for sale.
+Added: UNIFI expects to incur restructuring charges for equipment relocation or disposal costs, employee retention or separation costs, and other closure-related costs including asset impairment.
+Added: UNIFI expects that the restructuring charges, other than any asset impairment, will consist of cash payments, which are anticipated to continue through the end of this calendar year.
+Added: In fiscal 2024, UNIFI initiated the Profitability Improvement Plan intended to lower operating expenses for both production and administrative activities.
+Added: The restructuring expenses incurred in all periods primarily impacted the Americas Segment.
+Added: A summary of the restructuring activities consists of the following:
+Added: For the Three Months Ended
+Added: For the Nine Months Ended
+Added: March 30, 2025
+Added: March 31, 2024
+Added: March 30, 2025
+Added: March 31, 2024
+Added: Facility closure and equipment relocation costs
+Added: Employee separation or retention costs
+Added: Dissolution of joint venture
+Added: Restructuring costs
+Added: Cash payments
+Added: Non-cash charges
+Added: Ending Liability
+Added: UNIFI estimates it will incur between $ 6,000 and $ 8,000 of additional restructuring costs over the next 3 to 6 months related to the closure of the Madison facility.
+Added: Subsequent to quarter-end, on April 10, 2025, UNIFI entered into a Real Estate Purchase and Sale Agreement ("the Purchase Agreement") related to the sale of the Madison, North Carolina facility, as well as certain machinery and equipment located thereon, f or a cash purchase price of $ 53,200 .
+Added: The closing of the transaction is expected to occur on May 15, 2025, unless accelerated by Buyer pursuant to the terms of the Purchase Agreement.
+Added: The net proceeds of the transaction will be used to repay a portion of the principal balance of term loans and revolving loans outstanding under the 2022 Credit Agreement.
+Added: Notes to Condensed Consolidated Financial Statements (Continued)
Other Financial Data
Select balance sheet information is presented in the following table.
−Removed: December 29, 2024
+Added: March 30, 2025
June 30, 2024
33 unchanged sentences
Other non-current assets:
−Removed: Recovery of taxes
Grantor trust
1 unchanged sentence
Intangible assets, net
+Added: Recovery of taxes
Total other non-current assets
11 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.